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Deere cuts 2024 profit view as borrowing costs hurt demand

Deere cuts 2024 profit view as borrowing costs hurt demand
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Deere says higher borrowing costs will hit demand in coming year

(Reuters) -Deere & Co forecast 2024 profits below analysts' expectations on Wednesday, saying high borrowing costs and tighter budgets will likely dent demand for the farm equipment maker's agriculture and construction machinery. Deere, a barometer for the global economy, predicted a downturn in agriculture and construction equipment sales across all of its regions for the fiscal year ahead, validating analysts' concern that demand may have peaked for big industrial companies. "We all believed that the market was getting softer, but not this soft," said Stephen Volkmann, senior machinery analyst at Jefferies.

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MSC Industrial Direct Co., Inc. (NYSE:MSM) Q4 2023 Earnings Call Transcript

Operator: Good day, and welcome to the MSC Industrial Supply Fiscal 2023 Fourth Quarter and Full Year Conference Call. [Operator Instructions] Please note today's event is being recorded.

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Carrier Global (CARR) Receives a Rating Update from a Top Analyst

In a report released yesterday, Julian Mitchell from Barclays maintained a Buy rating on Carrier Global (CARR – Research Report), with a p...

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The Timken Company (NYSE:TKR) Q2 2023 Earnings Call Transcript

Operator: Good morning. My name is Brika, and I will be your conference operator for today. At this time, I would like to welcome everyone to Timken's Second Quarter Earnings Release Conference Call.

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WESCO International, Inc. (NYSE:WCC) Q2 2023 Earnings Call Transcript

WESCO International, Inc. (NYSE:WCC) Q2 2023 Earnings Call Transcript August 3, 2023 WESCO International, Inc. misses on earnings expectations. Reported EPS is $3.71 EPS, expectations were $4.46. Operator: Hello and welcome to WESCO’s Second Quarter Earnings Call. I would like to remind you that all lines are in listen-only mode throughout the presentation. [Operator Instructions] […]

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AGCO Corporation (NYSE:AGCO) Q2 2023 Earnings Call Transcript

Operator: Good day, and welcome to the AGCO Second Quarter 2023 Earnings Call. All participants will be in listen-only mode.

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